Ok, this local Portland, Oregon arctic storm weather has not helped an already challenged real estate market.  For buyers low, low, low interest rates hit simultaneously with a chunk o’ ice, snow and cold temps.  Thus, in the last two weeks I’ve had to cancel multiple showings to interested buyers.  A great time to buy, no doubt!!  We have the lowest interest rates in years coupled with some of the lowest housing prices.  So, there’s an easy remedy there.  I’ll reschedule after the holidays with interested buyers. 

What to do if you’re a seller is truly the question of the New Year!!  If you are buying and selling in the same market, sellers and buyers need a “Come to Jesus” moment where we truly evaluate what your perceived losses might really be?  It’s true, if you sold your home a year ago or even 6 months ago, the end result would’ve been different.  But, so will it be different for you as a buyer!!  If you’re moving out of state, your attitude is, of course, completely contingent upon where you are moving (but, isn’t it always???).  If you are selling due to the unfortunate loss of a job or some other life-defining circumstances, you have to evaluate reducing your pain.  Are you lucky enough to have equity to absorb the current and temporary “paper” loss of equity?  If so, I would simply move forward with your life plan.  If you were counting on “x” amount of accrued equity to move forward, you might reassess and find that moving forward is not as expensive as you once thought.  If you are forced to sell and find that you have do not yet have enough equity or have lost ground, then you have to consider the best options to lessen the impact on your life.  First you should research all options your present lender might offer.  A short sale will many times be preferable to a foreclosure. 

We’ve all lost $$$, for the moment, on all our real estate investments as well as our retirement portfolios.  These cycles are just that:  “cycles”.  And, timing is everything